Pawn broker Albemarle & Bond has called in administrators, putting almost 900 jobs at risk.

The second largest pawnbroker in the UK, with 183 branches – including 15 Scottish branches employing 53 people - had failed to secure further support from its lenders for a turnaround strategy implemented last year when gold prices had plummeted.

The decline in gold prices had led to 33 of the group’s gold purchasing pop-up branches being closed in 2013.

Its other services include pawnbroking, cheque cashing and unsecured lending, foreign exchange services and jewellery retail.

Appointed administrators PwC said efforts to turn the business around have so far proved unsuccessful which has forced the company into administration.

On Monday the group's lenders Barclays and Lloyds withdrew support.

Albemarle & Bond directors had asked the banks for a deferral of a debt repayment deadline due on March 31 to allow for cost-cutting measures to be implemented in an effort to stay afloat.

The group was put up for sale last December after a profit warning was issued the previous month in which the group admitted it was having to melt down its own gold reserves to meet its loan commitments.

Shortly after the profit warning, five of the group's directors resigned.

Shares in Albemarle & Bond have lost 95 per cent of their value in the past year and on Monday the board asked for the shares to be suspended from trading.

The sale process was then halted in January after the board assessed none of the bids received represented the fair value of the business.

PwC's Mike Jervis said: “The group expanded its branch portfolio in the period to early 2013 and ended up with too many underperforming outlets.

“It then explored a rights issue to raise funds, before attempting a solvent sales process.

“Together, these efforts lasted more than six months. Despite this history many different parts of the group, and large swathes of its shops, remain profitable.

“Our priority is to keep all pledged items safe and available for redemption as normal.

“We plan to sell all or part of the business to protect as many jobs as possible and we have already paid, or will be paying all staff - including accrued bonuses - as normal in March.

“Also, all landlords have been paid. However, some redundancies may be necessary depending on the outcome of efforts to sell the business.

“Every branch will initially remain open as sale discussions progress. This also enables customers to continue to redeem their goods as normal as they pay off their loans.

“The group and PwC are doing all that they can to support employees through this difficult time and will work with government agencies in order to support anyone affected by potential redundancies."

In Scotland, Albemarle & Bond has 15 branches with outlets in Clydebank, Govan, Greenock, Paisley, East Kilbride, Motherwell and Hamilton and a further three branches in Edinburgh and five across Glasgow.